Opening Options

More Resources

Changes to legislation:

There are currently no known outstanding effects for the Small Business, Enterprise and Employment Act 2015, Section 9.

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

“(c)the proposed voluntary arrangement should be considered by a meeting of the company and by the company's creditors.”

(3)For paragraph 7(1)(e)(iii) substitute—

“(iii)the proposed voluntary arrangement should be considered by a meeting of the company and by the company's creditors.”

(4)For paragraph 8(2) to (4) substitute—

“(2)A moratorium ends with the later of—

(a)the day on which the company meeting summoned under paragraph 29 is first held, and

(b)the day on which the company's creditors decide whether to approve the proposed voluntary arrangement,

unless it is extended under paragraph 32; but this is subject to the rest of this paragraph.

(3)In this paragraph the “initial period” means the period of 28 days beginning with the day on which the moratorium comes into force.

(3A)If the company meeting has not first met before the end of the initial period the moratorium ends at the end of that period, unless before the end of that period it is extended under paragraph 32.

(3B)If the company's creditors have not decided whether to approve the proposed voluntary arrangement before the end of the initial period the moratorium ends at the end of that period, unless before the end of that period—

(a)the moratorium is extended under paragraph 32, or

(b)a meeting of the company's creditors is summoned in accordance with section 246ZE.

(3C)Where sub-paragraph (3B)(b) applies, the moratorium ends with the day on which the meeting of the company's creditors is first held, unless it is extended under paragraph 32.

(4)The moratorium ends at the end of the initial period if the nominee has not before the end of that period—

(a)summoned a meeting of the company, and

(b)sought a decision from the company's creditors,

as required by paragraph 29(1).”

(5)For paragraph 8(6)(c) substitute—

“(c)a decision of one or both of—

(i)the meeting of the company summoned under paragraph 29, or

(ii)the company's creditors.”

(6)For the heading before paragraph 29 substitute “Duty to summon company meeting and seek creditors' decision”.

(7)In paragraph 29(1), for the words from “shall” to the end substitute “shall—

(a)summon a meeting of the company to consider the proposed voluntary arrangement for such a time, date (within the period of time for the time being specified in paragraph 8(3)) and place as he thinks fit, and

(b)seek a decision from the company's creditors as to whether they approve the proposed voluntary arrangement.”

(8)For paragraph 29(2) substitute—

“(2)The decision of the company's creditors is to be made by a qualifying decision procedure.

(3)Notice of the qualifying decision procedure must be given to every creditor of the company of whose claim the nominee is aware.”

(16)In paragraph 31(5) for “a meeting so summoned shall not” substitute “ neither the company nor its creditors may ”.

(17)In paragraph 31(6) for “The meeting may approve such a proposal or modification” substitute “ Such a proposal or modification may be approved ”.

(18)In paragraph 31(7)—

(a)for the words from “period” to “held” substitute “ relevant period ”;

(b)for “those meetings” substitute “ the company and its creditors ”.

(19)In paragraph 31, after sub-paragraph (7) insert—

“(7A)The “relevant period” is—

(a)in relation to the company, the period of seven days ending with the company meeting summoned under paragraph 29 being held;

(b)in relation to the company's creditors, the period of 14 days ending with the end of the period mentioned in paragraph 8(3).

(7B)Where under sub-paragraph (7) the nominee is given notice of proposed modifications, the nominee must seek a decision from the company's creditors (using a qualifying decision procedure) as to whether the proposed voluntary arrangement should be approved with those modifications.”

(20)In paragraph 32(1), after “a” insert “ company ”.

(21)In paragraph 32, after sub-paragraph (1) insert—

“(1A)Subject to sub-paragraph (2) the company's creditors may, by a qualifying decision procedure, decide to extend (or further extend) the moratorium, with or without conditions.”

(22)For paragraph 32(2) substitute—

“(2)The moratorium may not be extended (or further extended) to a day later than the end of the period of two months beginning with the day after the last day of the period mentioned in paragraph 8(3).”

(23)In paragraph 32(3)—

(a)for “At any meeting where” substitute “ Where ”;

(b)after “the meeting” insert “ of the company or (as the case may be) inform the company's creditors ”.

(24)In paragraph 32(4)—

(a)after “a meeting” insert “ of the company or informs the company's creditors, ”;

“(1)This paragraph applies where in accordance with paragraph 32 a meeting of the company resolves, or the company's creditors decide, that the moratorium be extended (or further extended).

(1A)The meeting may resolve, and the company's creditors may by a qualifying decision procedure decide, that a committee be established to exercise the functions conferred on it by the meeting or (as the case may be) by the company's creditors.

(2)The meeting may resolve that such a committee be established only if—

(a)the nominee consents, and

(b)the meeting approves an estimate of the expenses to be incurred by the committee in the exercise of the proposed functions.

(2A)A decision of the company's creditors that such a committee be established is to be taken as made only if—

(a)the nominee consents, and

(b)the creditors by a qualifying decision procedure approve an estimate of the expenses to be incurred by the committee in the exercise of the proposed functions.”

(28)In paragraph 36(2)—

(a)in paragraph (a) for “both meetings summoned under paragraph 29” substitute “ the meeting of the company summoned under paragraph 29 and by the company's creditors ”;

(37)In paragraph 38(4)(a)(ii) for “in question” substitute “ of the company, or in the relevant qualifying decision procedure, ”.

(38)In paragraph 38(4)(b)—

(a)for “further meetings” substitute “ a further company meeting ”;

(b)after “(1)(b)” insert “ and relating to the company meeting ”;

(c)omit “or (as the case may be) creditors'”.

(39)In paragraph 38(4), after paragraph (b) insert—

“(c)direct any person—

(i)to seek a decision from the company's creditors (using a qualifying decision procedure) as to whether they approve any revised proposal for a voluntary arrangement which the directors may make, or

(ii)in a case falling within sub-paragraph (1)(b) and relating to the relevant qualifying decision procedure, to seek a decision from the company's creditors (using a qualifying decision procedure) as to whether they approve the original proposal.”

(40)In paragraph 38(5), after “(4)(b)(i)” insert “ or (c)(i) ”.

(41)In paragraph 38(6) and (7)(a), after “(4)(b)” insert “ or (c) ”.

(42)In paragraph 38(9)—

(a)the words from “a decision” to the end become paragraph (a);

(b)in that paragraph (a), after “at a” insert “ company ”;

(c)after that paragraph (a) insert “, and

(b)a decision of the company's creditors made in the relevant qualifying decision procedure is not invalidated by any irregularity in relation to the relevant qualifying decision procedure.”

(43)In paragraph 39(1) for the words from “approved” to the end substitute “ has taken effect under paragraph 37. ”

(44)In paragraph 40(5)—

(a)in paragraph (c), omit “creditors or”;

(b)after paragraph (c) insert—

“(ca)require a decision of the company's creditors to be sought (using a qualifying decision procedure) on such matters as the court may direct,”.

(45)For paragraph 44(8) substitute—

“(8)The appropriate regulator must be given notice of any qualifying decision procedure by which a decision of the company's creditors is sought for the purposes of this Schedule.

(8A)The appropriate regulator, or a person appointed by the appropriate regulator, may in the way provided for by the rules participate in (but not vote in) any qualifying decision procedure by which a decision of the company's creditors is sought for the purposes of this Schedule.”

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Print The Whole Part

Print The Whole Cross Heading

Print This Section only

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

You have chosen to open The Whole Act as a PDF

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Opening Options

Different options to open legislation in order to view more content on screen at once

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

the original print PDF of the as enacted version that was used for the print copy

lists of changes made by and/or affecting this legislation item

confers power and blanket amendment details

all formats of all associated documents

correction slips

links to related legislation and further information resources

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

the original print PDF of the as enacted version that was used for the print copy